MANILA, Feb 23 (Reuters) - Full year ending Dec. 31, 2009.
(in billion pesos unless stated)
Net income 6.0 vs 2.8
Core net income 7.0 vs 2.61
Revenue 184.87 vs 191.78
Earnings per share (peso, basic) 5.42 vs 2.54
Note: Manila Electric Co is the Philippines' largest power distributor. It is partly owned by holding firm Metro Pacific Investments Corp and its affiliate Pilipino Telephone Corp, and food-to-power conglomerate San Miguel Corp.
Core net income takes out the effect of foreign exchange gains or losses, mark-to-market adjustments and provisions for possible refunds to customers.
($1 = 46.13 pesos)
(Reporting by Rosemarie Francisco) ((rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) Keywords: MERALCO/
MANILA, Feb 23 (Reuters) - Manila Electric Co, the Philippines' largest power distributor, said on Tuesday its board of directors has approved a dividend payout equivalent to 50 percent of its core earnings compared with about 30 percent previously.
Meralco also said it was optimistic its core net income this year would be higher than 2009, but declined to give a specific forecast.
'Moving forward, it's better to have a consistent dividend policy,' said Rafael Andrada, company treasurer. He added there was no formal policy previously though the company's prior cash dividends were around 30 percent.
Company chairman Manuel Lopez said in a statement the regular dividends could be supplemented by special dividends on a look-back basis.
Meralco reported net income of 6.0 billion pesos in 2009, up 114 percent from 2008.
Core net income -- which takes out the effect of foreign exchange gains or losses, mark-to-market adjustments and provisions for possible refunds to customers -- climbed to 7.0 billion pesos in 2009 from 2.61 billion a year earlier.
Manila Electric is partly owned by holding firm Metro Pacific Investments Corp and its affiliate Pilipino Telephone Corp, and food-to-power conglomerate San Miguel Corp .
($1 = 46.13 pesos) (Reporting by Rosemarie Francisco; Editing by Valerie Lee) ((rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) Keywords: MERALCO/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
(in billion pesos unless stated)
Net income 6.0 vs 2.8
Core net income 7.0 vs 2.61
Revenue 184.87 vs 191.78
Earnings per share (peso, basic) 5.42 vs 2.54
Note: Manila Electric Co is the Philippines' largest power distributor. It is partly owned by holding firm Metro Pacific Investments Corp and its affiliate Pilipino Telephone Corp, and food-to-power conglomerate San Miguel Corp.
Core net income takes out the effect of foreign exchange gains or losses, mark-to-market adjustments and provisions for possible refunds to customers.
($1 = 46.13 pesos)
(Reporting by Rosemarie Francisco) ((rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) Keywords: MERALCO/
MANILA, Feb 23 (Reuters) - Manila Electric Co, the Philippines' largest power distributor, said on Tuesday its board of directors has approved a dividend payout equivalent to 50 percent of its core earnings compared with about 30 percent previously.
Meralco also said it was optimistic its core net income this year would be higher than 2009, but declined to give a specific forecast.
'Moving forward, it's better to have a consistent dividend policy,' said Rafael Andrada, company treasurer. He added there was no formal policy previously though the company's prior cash dividends were around 30 percent.
Company chairman Manuel Lopez said in a statement the regular dividends could be supplemented by special dividends on a look-back basis.
Meralco reported net income of 6.0 billion pesos in 2009, up 114 percent from 2008.
Core net income -- which takes out the effect of foreign exchange gains or losses, mark-to-market adjustments and provisions for possible refunds to customers -- climbed to 7.0 billion pesos in 2009 from 2.61 billion a year earlier.
Manila Electric is partly owned by holding firm Metro Pacific Investments Corp and its affiliate Pilipino Telephone Corp, and food-to-power conglomerate San Miguel Corp .
($1 = 46.13 pesos) (Reporting by Rosemarie Francisco; Editing by Valerie Lee) ((rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) Keywords: MERALCO/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.